Logit model for green sukuk issuance
| Variable | Coefficient | Std. error | z-value | p > |z| | 95% CI lower | 95% CI upper |
|---|---|---|---|---|---|---|
| Rating | −3.780 | 0.045 | −83.25 | 0.000 | −3.869 | −3.690 |
| Amount issued | −3.225 | 0.034 | −96.06 | 0.000 | −3.291 | −3.159 |
| Tenure | 0.370 | 0.009 | 39.28 | 0.000 | 0.352 | 0.389 |
| z-spread | 0.002 | 0.002 | 0.81 | 0.418 | −0.002 | 0.005 |
| Mid yield | 1.091 | 0.051 | 21.59 | 0.000 | 0.992 | 1.190 |
| Clean price | 1.071 | 0.403 | 25.20 | 0.000 | 0.988 | 1.155 |
| FX rate | −138.661 | 4.976 | −27.87 | 0.000 | −148.414 | −128.908 |
| Intercept | 60.215 | 0.709 | 84.88 | 0.000 | 58.824 | 61.605 |
| Pseudo R2 | 0.638 | |||||
| Observations | 189,098 | |||||
| Variable | Coefficient | Std. error | z-value | 95% CI lower | 95% CI upper | |
|---|---|---|---|---|---|---|
| Rating | −3.780 | 0.045 | −83.25 | 0.000 | −3.869 | −3.690 |
| Amount issued | −3.225 | 0.034 | −96.06 | 0.000 | −3.291 | −3.159 |
| Tenure | 0.370 | 0.009 | 39.28 | 0.000 | 0.352 | 0.389 |
| z-spread | 0.002 | 0.002 | 0.81 | 0.418 | −0.002 | 0.005 |
| Mid yield | 1.091 | 0.051 | 21.59 | 0.000 | 0.992 | 1.190 |
| Clean price | 1.071 | 0.403 | 25.20 | 0.000 | 0.988 | 1.155 |
| FX rate | −138.661 | 4.976 | −27.87 | 0.000 | −148.414 | −128.908 |
| Intercept | 60.215 | 0.709 | 84.88 | 0.000 | 58.824 | 61.605 |
| Pseudo R2 | 0.638 | |||||
| Observations | 189,098 | |||||
Note(s):
The dependent variable is a binary indicator, where 1 represents a green sukuk and 0 represents a green bond. Coefficient indicates the change in the log-odds of green sukuk issuance relative to green bonds for a one-unit increase in the corresponding independent variable. Std. error measures the precision of the coefficient estimate. z-value is the test statistic, calculated as the coefficient divided by its standard error. p > |z| denotes the p-value, which tests whether the coefficient is significantly different from zero. The 95% CI lower and 95% CI Upper are the bounds of the 95% confidence interval. Rating refers to the bond’s credit rating. Amount issued represents the total bond issuance size. Tenure indicates the bond’s maturity period. z-spread measures the yield difference between the bond and a benchmark risk-free rate. Mid Yield is the midpoint yield between the bid and ask prices. Clean Price represents the bond price excluding accrued interest. FX rate captures the impact of foreign exchange fluctuations
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